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Then they passed an act prohibiting the currency of silver hammered coin, including a clause for making out new exchequer-bills, in lieu of those which were or might be filled up with endorsements; they framed another to open the correspondence with France, under a variety of provisos; a third for continuing the imprisonment of certain persons who had been concerned in the late conspiracy; a fourth, granting further time for administering oaths with respect to tallies and orders in the exchequer and bank of England.
It was enacted, that the former allowances should be continued to Christmas, and then the bank should have for circulating the two millions five hundred and sixty-one thousand and twenty-five pounds remaining exchequer-bills, an annuity of seventy-six thousand eight hundred and thirty pounds, fifteen shillings, at the rate of three pounds per cent, till redeemed, over and above the one penny a-day for interest.
They also declared themselves willing to discharge, and deliver up to be cancelled, as many exchequer-bills as amounted to two millions, and to accept of an annuity of one hundred thousand pounds, being after the rate of five per cent, redeemable after one year's notice; to circulate the remaining exchequer-bills at three per cent, and one penny per day.
His Majesty was always excessively severe on defalcations; any Chancellor, with his Exchequer-bills gone wrong, would have fared ill in that country. Still more tragical was poor Hesse's case. Hesse, some domain Rath out at Konigsberg, concerned with moneys, was found with account-books in a state of confusion, and several thousands short, when the outcome was cleared up.
This tax was the result of the argument of exclusion applied to the problem, How to raise a permanent and sufficient revenue from the colonies. Foreign and internal commerce taxes would not serve, because such commerce was forbidden by the Navigation Acts. A poll-tax would be inequitable to the slaveholders. Land-taxes could not be collected. Exchequer-bills were against an act of Parliament.
While the house of commons deliberated on the bill for granting to his majesty several duties upon malt, and for raising a certain sum of money to be charged on the said duties, a petition was presented by the maltsters of Ipswich and parts adjacent against an additional duty on the stock of malt in hand: but no regard was paid to this remonstrance; and the bill, with several new amendments, passed through both houses, under the title of "An act for granting to his majesty several duties upon malt, and for raising the sum of eight millions by way of annuities and a lottery, to be charged on the said duties: and to prevent the fraudulent obtaining of allowances in the gauging of corn making into malt; and for making forth duplicates of exchequer-bills, tickets, certificates, receipts, annuity orders, and other orders lost, burned, or otherwise destroyed."
These bills having received the royal assent, they resolved to grant a supply, which, together with the funds already settled for that purpose, should be sufficient to answer and cancel all exchequer-bills, to the amount of two millions seven hundred thousand pounds.
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